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    Trisha Camille Grospe Agraam
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    The document summarizes a fraud case involving the Baltimore Department of Finance in April 2019. An electronic funds transfer form was altered by a perpetrator, Funmilayo Fatimat Akinsola, 29, to wire money through falsified bank details. Without confirming the request, a clerk modified the billing platform and approximately $62,337.50 was paid to the scammer before the vendor noticed a payment delay. The lost funds were later covered by insurance and the department implemented a new payment system with additional auditing processes to prevent future fraud.

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    The document summarizes a fraud case involving the Baltimore Department of Finance in April 2019. An electronic funds transfer form was altered by a perpetrator, Funmilayo Fatimat Akinsola, 29, to wire money through falsified bank details. Without confirming the request, a clerk modified the billing platform and approximately $62,337.50 was paid to the scammer before the vendor noticed a payment delay. The lost funds were later covered by insurance and the department implemented a new payment system with additional auditing processes to prevent future fraud.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    29 views1 page

    5

    Uploaded by

    Trisha Camille Grospe Agraam
    The document summarizes a fraud case involving the Baltimore Department of Finance in April 2019. An electronic funds transfer form was altered by a perpetrator, Funmilayo Fatimat Akinsola, 29, to wire money through falsified bank details. Without confirming the request, a clerk modified the billing platform and approximately $62,337.50 was paid to the scammer before the vendor noticed a payment delay. The lost funds were later covered by insurance and the department implemented a new payment system with additional auditing processes to prevent future fraud.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    III.

    Victim
    BALTIMORE’S DEPARTMENT OF FINANCE
    Begun in APRIL 2019

    Fraud Techniques

    wiring money altering electronic


    By
    through falsified funds transfer
    bank details form

    The Department issued an electronic request to transfer payments (made by the


    perpetrator) to a new bank account. Without confirming the legitimacy of the said
    request to the vendor, the clerk made the modifications in the billing platform, including
    putting the scammer's name as the "point of contact."

    Perpetrator
    Funmilayo Fatimat Akinsola, 29

    Loss:
    About USD $62,337.50 was paid to the scammer
    before the actual vendor contacted the
    department regarding the payment delay.

    Afterall, the vendor was eventually paid and the full amount of the stolen funds was
    covered by insurance, as the company implemented a new system which is the BAPS
    IV: RECOMMENDATION
    (Bureau of Accounting & Payroll Services) as it will employ a manual, periodic
    audit/review process by running a monthly report of any system changes to vendor
    account data.

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